Please follow and like us:5 flats sold for less than £50,000. 12 flats less than £60,001 The dismal state of retirement flat resales is starkly illustrated by figures from the Land Registry concerning Burlington Court in Bridlington. Five of the flats here have been sold for less than £50,000; seven of the flats have sold …

McCarthy and Stone is now selling a brand new site a couple of miles away, Chestnut Court. But will its resales fair any better than those of Burlington Court?

The company says it will because of recent improvements, including 999-year leases rather than 99-year leases.

Please read and comment on the full report on BetterRetirementHousing.com (formerly, the Campaign Against Retirement Leasehold Exploitation)

Around half of new build retirement homes sold during a 10-year period were later re-sold at a loss, according to exclusive research for the BBC. The research by the Elderly Accommodation Counsel charity found falls in value could be more than 50%.

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Comments

McCarthy & Stone say in their defence that “The numbers do not include incentives given to the original buyers which effectively lowers the purchase price” If that is the case, perhaps a legal eagle might want to question as to whether lowering a purchase price by offering incentives might contradict Stamp Duty Tax Law (as the lower the purchase price the less stamp duty has to be paid?)

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